Strategy and Bitcoin Supporters Call for 'Boycott' of JP Morgan Over Crypto Index Exclusion

The Bitcoin community and supporters of Strategy Inc. (formerly MicroStrategy) are intensifying calls for a boycott of JP Morgan Chase after the bank highlighted a potential policy change that would exclude crypto treasury companies from major market indexes.

The Catalyst: MSCI’s Proposed Index Exclusion

The backlash erupted following a research note from JP Morgan that referenced MSCI (formerly Morgan Stanley Capital International) plans to potentially remove companies with significant cryptocurrency holdings — specifically those where crypto exceeds 50% of total assets — from its global indexes starting January 2026. This would affect firms like Strategy, which holds 649,870 BTC as its primary treasury asset.

MSCI, which sets inclusion criteria for indexes followed by trillions in passive funds, has not confirmed the change but indicated it would apply to companies where digital assets dominate balance sheets. The policy aims to align with traditional financial risk assessments but would automatically trigger sell-offs from index-tracking ETFs.

Community Reaction: From Outrage to Action

Bitcoin advocates quickly mobilized on social media, with prominent voices framing the move as an attack on corporate adoption:

• Grant Cardone, real estate investor and Bitcoin proponent, announced he withdrew $20 million from Chase and filed a lawsuit alleging credit card malfeasance.
• Max Keiser, Bitcoin maximalist and broadcaster, urged followers to “Crash JP Morgan and buy Strategy and BTC.”

Posts calling for a boycott garnered thousands of engagements within hours, with hashtags like #BoycottJPM trending in crypto circles. Sentiment analysis shows 70% negative toward JP Morgan among Bitcoin-related discussions, with calls for alternatives like credit unions and decentralized finance platforms.

Michael Saylor’s Response

Michael Saylor, Strategy’s executive chairman and vocal Bitcoin advocate, addressed the controversy directly: “Strategy is NOT a fund, NOT a trust, NOT a holding company. Funds passively hold assets. We create, build, connect, and operate. Strategy is a Bitcoin-backed structured finance company.”

Saylor’s clarification emphasizes that Strategy actively deploys Bitcoin in financial products rather than passively holding it, potentially differentiating it from MSCI’s exclusion criteria.

Implications for Crypto Treasury Firms

If implemented, MSCI’s policy could force $5–10 billion in automatic sell-offs from index-tracking funds, pressuring companies like Strategy (market cap ~$35 billion) to either reduce Bitcoin exposure or face exclusion from benchmarks that influence trillions in passive investment flows. Other firms with heavy crypto treasuries, such as BitMine Immersion and ETHZilla, could face similar risks.

The move highlights ongoing tension between traditional index providers and the evolving crypto treasury model, where companies treat Bitcoin as a primary reserve asset akin to gold or cash.

Broader Market Context

Bitcoin traded near $87,396 at the time of the backlash, down 4.3% daily amid broader market weakness. The controversy adds to a challenging environment for crypto treasury strategies, with ETF outflows reaching $2.57 billion in November and institutional sentiment mixed.

In summary, calls to boycott JP Morgan are gaining steam after the bank’s note on MSCI’s potential exclusion of crypto treasury companies from indexes, with Strategy’s Saylor pushing back on the classification while community leaders like Cardone and Keiser rally for action.